GBP / USD is still bullish, despite the selling pressure that pushed the price from the highest peak at 1.3480 to 1.3160.
It is important now to keep trading above 1.3160 to see the buyer pushing the price up towards 1.3400 then 1.3480 and attempting to make a new higher high.
On the other hand, by breaking and closing below 1.3160 will lead to further decline towards 1.3060 then 1.3000
For short positions; it is preferable to wait for the break and close below 1.3160
while for long positions it is preferable to wait for the break and close above 1.3310.
It is important now to keep trading above 1.3160 to see the buyer pushing the price up towards 1.3400 then 1.3480 and attempting to make a new higher high.
On the other hand, by breaking and closing below 1.3160 will lead to further decline towards 1.3060 then 1.3000
For short positions; it is preferable to wait for the break and close below 1.3160
while for long positions it is preferable to wait for the break and close above 1.3310.